The US Congress comes back today without a deal to avert the "fiscal cliff" and with only a few hours of actual legislative time scheduled in which to act if an agreement materialises.
Negotiations involving Vice President Joe Biden and Senate Republican leader Mitch McConnell appear to offer the last hope for reaching a deal.
This would avoid across-the-board tax increases and draconian cuts in the federal budget that will be triggered at the start of the New Year because of a deficit-reduction law enacted in August 2011.
A Republican Senate leadership aide described discussions between Mr McConnell and Mr Biden as "good talks," saying they lasted late into yesterday evening.
Meanwhile, some Republicans said progress could be better served by open debate rather than "backroom" discussions.
"What we ought to do is put a bill on the Senate floor and let people actually offer amendments and vote on it. We shouldn't be here waiting for people to cut deals in backrooms," Senator John Barrasso, a Wyoming Republican, said on "The Early Show" on CBS.
"The American people ought to be able to watch the discussion and debate and how people vote on various issues," he said.
A jolt from the financial markets could also prod the parties into action, as it has occasionally in the past.
"I believe investors will show their displeasure" at the lack of progress in Washington, said Mohannad Aama, managing director at Beam Capital Management, an investment advisory firm in New York.
Despite the uneven progress in Washington, US stock index futures edged higher today, setting up Wall Street to break a five-session losing streak.
Stocks could still fall though on Monday when the cash markets open if there is no sign lawmakers are making headway on a deal.
Democratic and Republican leaders in the Senate had hoped to clear the way for swift action yesterday.
But with the two sides still at loggerheads in talks, Senate Democratic leader Harry Reid postponed any possible votes and the Senate adjourned until today.
The main sticking point between Republicans and Democrats remains whether to extend existing tax rates for everyone, as Republicans want, or just for those earning below $250,000-$400,000, as Democrats have proposed.
Also at issue were Republican demands for larger cuts in spending than those offered by President Barack Obama.
Hopes for a "grand bargain" of deficit-reduction measures vanished weeks ago as talks stalled.
While Congress has the capacity to move swiftly when motivated, the leaders of the US House of Representatives and the Senate have left themselves little time for what could be a complicated day of procedural manoeuvring in the event of an agreement.
House Speaker John Boehner has insisted that the Senate act first, but that chamber does not begin legislative business until about 12pm local time (5pm Irish time).
Anda sedang membaca artikel tentang
Politicians push US to edge of 'fiscal cliff'
Dengan url
http://newsdeadlineup.blogspot.com/2012/12/politicians-push-us-to-edge-of-fiscal.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Politicians push US to edge of 'fiscal cliff'
namun jangan lupa untuk meletakkan link
Politicians push US to edge of 'fiscal cliff'
sebagai sumbernya
0 komentar:
Posting Komentar